Vespa maker Piaggio boosts margin despite slowdown in Asia and America
29/07/2024 12:14
July 29 (Reuters) - Italy's Piaggio PIA.MI , maker of
the iconic Vespa scooter, posted on Monday a slightly higher
core profit margin but a decrease in EBITDA in absolute terms in
the first half of the year due to a market slowdown in Asia and
America.
Piaggio's EBITDA margin came at 17.5%, up 1.1 percentage
points from the same period in 2023, while the scooter and
motorbike maker's EBITDA totalled 173.8 million euros ($188.2
million), down 9% from a year earlier.
"Our goal continues to be to confirm excellent margins in
the second half, even if sales should continue to decline," CEO
Michele Colaninno said in a statement.
Colaninno added that he expects "recovering markets in some
regions of south-east Asia", after Piaggio experienced a
slowdown in its first-quarter Asian sales.
($1 = 0.9228 euros)
(Reporting by Philippe Leroy Beaulieu
Editing by Keith Weir)
((Philippe.LeroyBeaulieu@thomsonreuters.com;))